HomeMy WebLinkAboutExhibit AEXHIBIT "A"
City of Miami
Department of Housing Community Development
Mortgage Assistance Program
Program Objective:
The City of Miami Mortgage Assistance Program is designed to provide up to $6,000 in mortgage
assistance to low and moderate -income (up to 120% AMI or less) residents who have lost their income
because of the coronavirus pandemic.
Source of Funding: State allocated Treasure Dept Cares Act Funds
Funding for this Program: $1,181,250.00
Eligible Costs: Payment of mortgages
Amount of Assistance: Mortgage arrears up to $6,000
Eligible Properties:
• Single Family Residence
• Townhomes
• Condominiums
• Property must be in the City of Miami
• The property must be owner -occupied with homestead exemption.
Eligible Owners:
• Must be a City of Miami resident who lost his/her job or had a reduction in income after March 1st
2020;
• Household income must be less than or equal to 120% of the median income adjusted for
household size.
• The homeowner must have been current on the mortgage prior to March 1st, 2020.
Required Documentation:
• State of Florida issued picture ID card with a City of Miami address;
• proof that the applicant lost his/her job or had a reduction in income after March 1, 2020;
• proof of household income;
• copy of mortgage statement or lender letter showing arrears
Eligible Use of Funds:
• Payment of outstanding principal and interest payments
• Current and/or outstanding property insurance and taxes on the property including
escrow deficiencies.